All Forum Posts by: Dominic M.

@Nathan Smith

I should also point out that I went to college and earned two degrees whilst playing D1 Soccer. The degrees ultimately served no real purpose. However the networking and relationships I created will last for a lifetime, Also keep in mind that many other investors started in college and are incredibly successful. 

@Nathan Smith

Try to understand and write down what your goals are. You made a solid goal with having passive income exceed your active income before you're 30. Ok, that's a goal where you can take actionable steps. Does college or a job help you reach this goal? Can you do both? Make sure you are very clear on your goals then make the necessary steps to reach them. I think college is a waste of time unless you want to become a lawyer or doctor or within those professional realms that require the schooling. Work towards increasing your income through sales or multiple jobs and save all your extra income to invest. 

THIS ALL TAKES TIME! There is no get rich quick scheme. Sales can fast track your income but it is hard work. Moreover, REI is not a get rich quick investment it is more like a get rich for sure investment over long periods of time.

@Ryan Guffey

If you don't have finances or experience then the other valuable asset you have is your time and work ethic. Time management is going to be crucial. Maybe think about things that you can remove from your expenses to increase your income since you are full throttle on your time. Next can you sacrifice weekends to make extra income with side jobs? Can you also network, educate yourself and look for deals on the weekends? I agree with the guys above that partnerships will be crucial. 

@Account Closed 

Hey man, I couldn't agree more with the other guys commenting here.  These are hypothetical questions I would think about. 

1. Know your why. Why do you want to drop out of school? How can you invest when you have little money? 

2. Make a plan. How are you going to make enough income to support your investments? Sales? Two jobs? etc. 

3. Fast forward. You have higher income - What path do you want to take for your REI? Do you have enough knowledge to confidently start investing? Have you already given up and want to go back to school?

Hi all, 

I have found a property that is a great BRRR opportunity. Here are the numbers.

Purchase: 70,000

Reno: 30,000

ARV: 135-150

Purchase with a FHA 203k loan.

Question: 

If you refinance to a conventional loan at the 6 month seasoning period but within the FHA one year owner occupant requirement, what are the implications and do the FHA requirements remain? Also, can you then use another FHA owner occupant loan on the next property immediately afterwards?

Hi guys, 

I am working on a 203k loan and need to get a solid itemized quote. If you have rehab experience and any recommendations for contractors in the Philadelphia/ Montgomery county area, please share. 

A conventional loan seems like the best option, especially due to the PMI being removed at 80% LTV. I am not opposed to 15% down, but are there lenders that will accept lower than that for 2-4 units? Are there any additional downsides to the conventional loan vs FHA?

@Gregory Calandra

That's great you now have two properties. Are your loans on single family or 2-4 units? Can you use the rental income to help you secure a third property? 

Understood, my main question would be the time frame you would typically offer for due diligence, financing etc. But see an EXAMPLE below: 

Duplex - rents 800/unit 

Asking price - 225,000

Purchase price - 200,000 * (or what would you offer based on this limited information) 

Sqft - 1440

PPSF - 139

NOI -13,400

No large repairs needed. 6% vacancy. Comps are going for PPSF - 110 to 120

@Mark H. Porter